MassHousing Provides $79M for Redevelopment of Public Housing in South Boston

MassHousing has provided $78.8 million in financing to Beacon Communities to complete the third phase of the redevelopment of public housing at the Anne Lynch Homes at Old Colony in South Boston. The MassHousing financing will allow Beacon Communities, in partnership with the Boston Housing Authority, to demolish 135 older public housing units and construct 170 new affordable homes for lower-income families and senior citizens.

Originally constructed in 1940, Old Colony is one of the oldest federal public housing developments in the country, and prior to the current redevelopment effort, was one of the most distressed properties in the BHA’s federal portfolio. Beacon Communities and the BHA are redeveloping the 845-unit Old Colony in multiple phases. To date, the first two phases and a portion of the third phase of the redevelopment have been completed.

The financing from MassHousing consists of $78.8 million in construction and permanent financing for the latest three Phase Three transactions. The financing includes $36.7 million in construction financing, $5.7 million in construction to permanent financing, $19.2 million in permanent only financing and $3.8 million in short-term equity bridge financing to support Phase Three B as well as $6.2 million in construction financing and $7.2 million in construction to permanent financing for Phase Three C.

For comments, questions or concerns, please contact David Cohen